CoreLogic Reports 45,000 Completed Foreclosures in August
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Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in
As of
"Clearly there has been a large improvement in the market the last few years, but five years into the economic expansion the foreclosure inventory remains at nearly three times the normal level," said
"The number of foreclosures completed during the last 12 months is at the lowest level since November of 2007," said
Highlights as of
- August represents 19 consecutive months of at least a 20-percent year-over-year decline in the national inventory of foreclosed homes.
- All but two states posted double-digit declines in foreclosures year over year. The
District of Columbia saw a 2.5-percent decline and the state ofWyoming saw a 13.4-percent increase in foreclosures year over year. - Twenty-eight states show declines in year-over-year foreclosure inventory of greater than 30 percent, with
Utah andIdaho experiencing the largest declines at 46 percent each. - The five states with the highest number of completed foreclosures for the 12 months ending in
August 2014 were:Florida (121,000),Michigan (43,000),Texas (36,000),California (32,000) andGeorgia (28,000).These five states account for almost half of all completed foreclosures nationally. - The four states and the
District of Columbia with the lowest number of completed foreclosures for the 12 months ending inAugust 2014 were:South Dakota (65), theDistrict of Columbia (110),North Dakota (296),West Virginia (462) andWyoming (650). - The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were:
New Jersey (5.8 percent),Florida (4.6 percent),New York (4.2 percent),Hawaii (3 percent) andMaine (2.7 percent). - The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were:
Nebraska (0.4 percent),Alaska (0.5 percent),Arizona (0.5 percent),North Dakota (0.5 percent) andWyoming (0.5 percent).
*July data was revised. Revisions are standard, and to ensure accuracy,
Judicial Foreclosure States Ranking (Ranked by Completed Foreclosures)
Non-Judicial Foreclosure States Ranking (Ranked by Completed Foreclosures)
Figure 1 – Number of
Figure 2 – Foreclosure Inventory as of
Figure 3 – Foreclosure Inventoryby State
For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog.
Methodology
The data in this report represents foreclosure activity reported through
This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics.
A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction.
The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Homes with no mortgage liens can never be in foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage.
Source:
The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from
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